Russia has come in hot with attempts to deface and go up against Bitcoin as well as other decentralized currencies. In addition, they have also commented that they may make their own state-mandated currency. This counter-tactic only seems like it is in place so that the country can get a piece of the popular industry.
The regulatory model that Russia has put in place is not against just digital currencies, but more the idea of decentralization. They would like to have some sort of regulatory or controlling power for cryptocurrency. The Economic Development Minister, Maksim Oreskin has stated that Bitcoin is no better than casinos.
Oreski stated that the coin is simply a gamble for investors and they can never be sure of what will happen next. Speaking at a recent conference Oreskin stated that “as for bitcoin, if you look at how the value of this asset fluctuates, it’s dozens of percent up, then dozens of a percent down. As asset that can be available for an unqualified investor should not have such characteristics, because it’s worse than casinos. First, you earn, then you will lose everything and be left with nothing.” Oreskin further stated that “those who do not know how to manage risks in instruments with such volatility, should not be able to invest, because in 99.9% of these cases it results in losses for such people and then they will find themselves in a difficult life situation, which is not good.”
In regard to the Russian cryptocurrency, the finance minister has stated that they will be working on their own for of digital money to come out in the near future.
Oreskin has stated that his country should only give the ability to trade bitcoins to qualified investors within the country that have at least $100,000 in their accounts.